July 11, 2016
What appears to be the single largest money laundering crime in the history of the Philippines is being investigated by financial regulators there, according to local media. Apparently $100 million was introduced into the country’s banking system, sold to an underground foreign exchange broker, then transferred into three or more local casinos, bought back by the money broker, and then transferred back out to accounts overseas in a short period of time.
Reportedly the funds initially entered the Philippine financial system at a Makati City branch of Rizal Commercial Banking Corp. and were exchanged for pesos and went into a Chinese-Filipino junket operator’s account. The bank immediately filed a suspicious transaction report with AMLC. A report was also made to the Philippines Central Bank, Bangko Sentral ng Pilipinas.